Business Context and Reporting Period
Company: Macro Bank Inc.
Filing Type: Form 6-K (Report of Foreign Private Issuer)
Date: August 1, 2016
Context: This filing serves as a translation of a submission to the Argentine Securities Exchange Commission (CNV) regarding the payment of a cash dividend approved by the General and Special Shareholders' Meeting on April 26, 2016, and authorized by the Board of Directors on August 1, 2016.
Key Financial Metrics
The filing focuses exclusively on dividend distribution details and does not provide comprehensive financial statements (revenue, profit, cash flow, margins, debt, or liquidity) for the current period.
- Total Cash Dividend: AR$ 643,019,330.80
- Dividend Per Share: AR$ 1.10
- Outstanding Corporate Capital: AR$ 584,563,028
- Dividend Yield on Capital: 110%
- Source of Funds: Income from fiscal year 2011
- Withholding Tax: Not subject to the 35% withholding tax under Argentine Income Tax Law as the distribution does not exceed determined income.
Material Changes
The filing does not report material changes in operational performance, revenue, or balance sheet items compared to prior periods. The primary material event is the execution of a dividend payment plan approved in April 2016, with payment commencing August 17, 2016.
Guidance, Outlook, and Risks
Management Commentary: Management confirmed the Central Bank of the Republic of Argentina authorization received on May 27, 2016, enabling the dividend distribution.
Payment Logistics: Dividends will be available at Caja de Valores S.A. (25 de Mayo 362, Capital Federal) from August 17, 2016, for shareholders recorded on the stock ledger as of August 16, 2016.
Risks/Contingencies: The filing notes that the distribution is exempt from the 35% withholding tax provision, indicating compliance with specific Argentine tax law sections regarding income determination.
Investor Verification Checklist
- Verify shareholder status on the stock ledger as of August 16, 2016, to confirm eligibility for the AR$ 1.10 per share dividend.
- Confirm the availability of funds at Caja de Valores S.A. starting August 17, 2016.
- Note that the dividend is derived from fiscal year 2011 income, not current 2016 earnings.
- Review the tax implications for non-Argentine residents, as the filing specifically addresses Argentine withholding tax exemptions.